Risk and Control: Ideas for a better tomorrow
A contrarian view on Risk and Control to make tinkle curiosity leading to creative and critical thinking.
Background: I got the opportunity to attend a meeting organised by ISACA and ICAI. The meeting was for launching “Guidance note on Corporate Governance, ERM and Assurance for COBIT 5”. Indian companies act 2013 has mandated that CEO and CFO to certify that “internal financial Controls are adequate and operating effectively”. This is also required to be confirmed […]
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Revenue assurance as a function is dominant in telecommunication industries. However the lessons learnt can be applied in any industry. What is revenue assurance? Revenue assurance is The activity is the use of data quality and process improvement methods that improve profits, revenues and cash flows without influencing demand. – Wikipedia How Internal audit can help an organization […]
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Definition of internal audit , IIA standards, professional organizations preaches internal audit to add value. Internal auditors claim that they always add value. Still organization demand value from internal auditors. What is that internal auditors are not doing to show organisation value added by them? is it a simple case of not measuring and not communicating the value added […]
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Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. – Definition of internal audit. I believe Internal audit has […]
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There are three categories of audit clients: Clients who accepts all recommendations Clients who do not accept any recommendations Clients who are balanced who evaluates each recommendations, debate the necessity and offer their own solutions. 1. Clients who accepts all recommendations: An Internal Auditor need to be very careful when he is working with clients who accepts […]
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Question: How to keep myself updated and about new audit methodologies? Here is what I do to keep myself updated: I am member of few groups on WhatsApp and LinkedIn focusing on Internal Auditing and Risk Management. I take active participation in discussions and offer view/ experience. I try to answer posed at these groups […]
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I had an interesting debate recently with another CAE over recommendation. In his organization, they do not give recommendations in Internal Audit Report. I was insisting on giving recommendation as it is suggested by IPPF. He had challenged me to provide IPPF reference specifying that in an assurance assignment recommendation has to be given. I […]
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As part of Risk Management, organisation are becoming more forceful to have the Right of Audit Clause incorporated into their agreements with Customers, vendors, partners. Why it is important for organization to have the clause incorporated? A. Organization wants vendor to ensure that: No harm is being done to environment while providing goods and services […]
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Loyalty programs are the in thing and almost every organised retailer and large number of service providers runs the program. The intention behind running this program is to provide reasons (being discount, future benefits, exclusivity, part of a fraternity, community, etc) to customer to shop again and again. Besides the usual operational uncertainty regarding .. […]
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Have you included vendor audit/ contract compliance as part of your audit plan? Vendor Risk is becoming a greater concern as organization is outsourcing increasing amount of work. Earlier there used to be a handful of vendors and type of goods and services used to be limited to what an organisation can not do its own. […]
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